Foreign investments

PH welcomes foreign investment in telecommunications and infrastructure

The Philippines is open to foreign investment, especially in telecommunications, airports, toll roads and shipping, Finance Secretary Benjamin Diokno said.

Diokno said he is ready to welcome income-generating investments in the Philippines during the Standard Chartered Bank Sovereign Investor Forum on October 13 at the Ritz-Carlton in Washington D.C.

“Foreign investors are now welcome to bring their capital into the country, especially in telecommunications, airports, toll roads and shipping,” he said.

SCB hosted the 5th Annual Sovereign Investor Forum on the sidelines of the 2022 Annual Meetings of the International Monetary Fund and the World Bank Group.

The forum aims to update investors on key macroeconomic developments and outlook and the priority legislative reforms of the Marcos administration.

Diokno briefed investors on the Philippines’ economic outlook and fiscal policies, including the country’s first medium-term fiscal framework.

“The framework promotes transparency and a credible commitment to pursue our socio-economic goals while ensuring that the fiscal deficit returns to pre-pandemic levels and debt ratios to more sustainable levels,” he said. declared.

“Overall, the medium-term fiscal framework aims to promote long-term sustainable growth and sound fiscal management,” he said.

He pointed to groundbreaking reforms that would put the country back on its high growth trajectory. The strategy is to attract domestic and foreign investment to create high value-added jobs.

The law on business recovery and tax incentives for businesses, amendments to the civil service law, the law on the liberalization of retail trade and the law on foreign investment are among the main structural reforms that he mentioned.

Investors can now expect a fair, objective and evidence-based assessment of their projects when applying for tax incentives in the Philippines from the Tax Incentives Review Board, he said.

Around 100 global investors, including asset managers, insurers, private banks, bank treasuries and impact funds from 25 countries attended the forum.